How do you define a market? It's a timeworn question, which dates back at least to the trust-busting days of Teddy Roosevelt, but one that's freshly relevant in the digital economy.

Take, for example, the pending sale of Citigroup's OneMain Financial unit to Springleaf Holdings. OneMain and Springleaf are the two largest subprime consumer installment lenders in the country, with a combined 2.5 million customers spread across 43 states.

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